El Salvador’s take on Bitcoin [BTC] has the whole world lauding the region for its progressive move. However, with good comes bad. Several financial agencies across the globe have been expressing distress over El Salvador’s embracement of Bitcoin. Persisting its love for Bitcoin, the Salvadorian government has decided to induce about 1500 Bitcoin ATMs in the region.
Despite garnering negative sentiments from the International Monetary Fund [IMF], World Bank, and even the country’s opposition party, El Salvador did not stop from making advancements with regard to BTC. President Nayib Bukele has been making sure to embrace BTC in every possible way. The government has even started looking at options to mine Bitcoin in an efficient way.
In more recent news, a prominent US-based firm, Athena, revealed that it was rolling out several Bitcoin ATMs in El Salvador.
Athena announced that it would be pouring in over $1 million to layout BTC ATMs in the country. The platform will also set up an office to monitor and execute the installation process in the country. In addition, ATMs will reportedly be installed in regions that garner remittances from outside the country. A few days ago, Athena reached out to Bukele asking if 1,000 machines were good enough; the president responded,
Furthermore, El Salvador has about two ATMs that have been operating in the country. While one ATM has been installed on the El Zonte beach, another ATM resides in El Tunco; this one, however, is from another firm.
El Salvador’s Bitcoin Law to become effective on September 7
In addition to this, the President unveiled an airdrop program with a prominent cell phone operator. With this, users registered on the platform would be given Bitcoin worth $30.
It was revealed that the Bitcoin law that amassed the approval of Congress would become effective starting from 7 September 2021. Bukele announced the same in his national address that took place recently.